Search

407 International Reports First Quarter Results

TORONTO, April 15 /CNW/ - 407 International Inc. announced today revenues of $131.2 million for the first quarter of 2010, compared to $119.7 million for the same period of 2009. Earnings before interest, taxes, depreciation and amortization ("EBITDA"(1)) totalled $103.1 million for the first quarter of 2010, compared with $93.3 million for the same period of 2009. The Company reported net income of $12.6 million for the first quarter of 2010, compared with net income of $8.0 million for the same period of 2009.

The Board of Directors declared an eligible dividend of $0.071 per common share payable on or about April 15, 2010, to shareholders of record on April 15, 2010.

407 International Inc. is owned by a consortium comprised of Cintra Infraestructuras, Intoll and SNC-Lavalin Inc.

--------------------------------
(1) EBITDA is not a recognized measure under Canadian generally accepted
accounting principles and investors are cautioned that EBITDA should
not be construed as an alternative to net income or cash from
operating activities as an indicator of the Company's performance or
cash flows. The Company's method of calculating EBITDA may differ
from other companies' and may not be comparable to measures used by
other companies. EBITDA less Depreciation and amortization, Interest
and other expenses, net and Income tax, results in Net income.
Highlights
Unaudited
First Quarter
2010 2009
---------- ----------
Selected Financial Information (in millions)
Revenues $ 131.2 $ 119.7
---------- ----------
Operating expenses 28.1 26.4
Depreciation and amortization 13.4 16.3
---------- ----------
41.5 42.7
---------- ----------
Income from operations 89.7 77.0
Interest and other expenses, net 71.3 65.2
---------- ----------
Income before income taxes 18.4 11.8
Future income tax expense 5.8 3.8
---------- ----------
Net income $ 12.6 $ 8.0
---------- ----------
---------- ----------
Traffic
Total trips (in thousands) 25,627 25,084
Average revenue per trip $5.12 $4.77
Average workday number of trips 348,358 340,814
Total vehicle kilometres (in thousands) 499,815 478,678
Number of transponders in circulation at March 31 977,176 926,756